DALLAS--([ BUSINESS WIRE ])--On March 21, [ Raystream Inc. ](OTC BB: [ RAYS ]), a global [ HD video compression services ] company, entered into various financing documents with [ JMJ Financial ], providing for the sale, by the Company, of up to $1.58 million of 5% convertible promissory notes, as well as warrants issuable prorated on the amounts actually funded to the Company.
"This financial arrangement will assist Raystream in further developing its products and services, and bringing much-needed HD video compression solutions to the marketplace."
The Promissory Notes are due on March 21, 2015 and $400,000 has already been advanced to the Company. In addition, the Financing Documents include customary representations, warranties and covenants, and grants a security interest in favor of JMJ Financial over the Companyas assets. The Promissory Note can be converted, at the holderas option, into the Companyas common stock at the lesser of $0.40 or 70% of the lowest trade price in the 20 trading days prior to the effective date of the conversion.
aWe are thrilled by this vote of confidence by JMJ Financial, as it demonstrates the incredible potential of Raystream and our HD video compression services,a said Raystream CEO Brian Petersen. aThis financial arrangement will assist Raystream in further developing its products and services, and bringing much-needed HD video compression solutions to the marketplace.a
Raystream offers custom-designed [ HD video compression ] solutions designed for [ video-on-demand ], for [ live streaming ], and for [ full HD 3D videos ], allowing users to view the compressed video on 3D video-enabled devices.
About Raystream
Raystream Inc. is bringing its video compression services to businesses that stream High Definition (HD) video online. Raystreamas technology drastically decreases bandwidth and data storage costs by reducing the file size of HD videos up to 90 percent, with an average of approximately 70 percent -- with no significant loss in HD clarity or quality. Click [ here ] to see the future of online video.
Raystream is a public company quoted on the OTC BB under the symbol RAYS.For more information, please visit us at [ www.raystream.com ].
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements.Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties.See Raystream Inc.'s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
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